IB and Options

T

tntneo

Moderator
Why is it so hard to get fills with options when using SMART ?
typically, if the market is locked with bid=ask on smart, I get no fill and IB just keeps my order green but does nothing ! So annoying. I wasted 15 cents yesterday that way.
What I did was to add new option lines to ISE and AMEX. Then pick the 'best' one manually.
I know you can reroute from the 'smart' but if you don't know where to, it's useless.

Am I the only one with no execution, while the market is there ?

PS : I also tried 'market' instead of limit order. even worse on the 'smart' routing. I got a fill below the bid (I was selling).
 
You placed an order to sell in a locked market; i.e. market was 5.50 X 5.50 and you sent in a market order and were filled @ 5.40?

Not a good idea; probably routed to the next best exchange on the bid @ 5.40. I am not even sure if that is legal, but I wouldn't do it unless I was trying to dump a disaster.
 
tnt: could imagine the following:

if you trade more contracts than auto-ex,
or auto-ex on the best exch reflected in SMART
is off, ib routes the order to the default exchange
(opt: ISE, stock: island), where it will of
course sit in the book waiting for nothing.
 
Originally posted by saschabr
tnt: could imagine the following:

if you trade more contracts than auto-ex,
or auto-ex on the best exch reflected in SMART
is off, ib routes the order to the default exchange
(opt: ISE, stock: island), where it will of
course sit in the book waiting for nothing.
More...

I doubt if that is the problem; other than the odds of auto being off in a locked market are 10 to 1.
 
Originally posted by metooxx


I doubt if that is the problem; other than the odds of auto being off in a locked market are 10 to 1.
More...

probably true, tntneo, what about your size ????
 
Originally posted by metooxx
If you are trading size that exceeds the auto limits you probably will get a better fill in the crowd.
More...

...the question is if IB's smart routing would also
consider these facts. i would say no. probably
"stubborn ISE routing then"
 
IB's routing doesn't have a lot to do with it; if the market is locked you are trading outside of the standard rules.

If you are trading real size; the same applies.
 
I had this happen twice yesterday as well, and other times this week.

I was selling at the ask and the bid was a nickel less. The bid moved up (with autoex) to create a locked market, still no fill. I waited about 5 minutes, then cancelled the order and resubmitted using BEST - it still got routed to another exchange and sat.

I then manually typed a new order routing directly to the exchange with autoex on the bid and got filled instantly, size was no problem.
 
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